Tax returns. Not the most fun topic but it’s something we all have to do if we earn income as an individual or as a business owner. If you want to avoid feeling overwhelmed and stressed about being ready for tax time, you can make the process of lodging your tax return a lot quicker and easier if you have all the receipts, tax invoices and documents organised using this simple tax return checklist.
[ctt template=”9″ link=”fd19B” via=”no” ]Keep all the receipts, tax invoices and documents organised using this simple tax return checklist. [/ctt]
Step 1: Get Organised with a folder
Create a new file or folder for each financial year. Collect everything tax related in this folder in preparation for going through it later. Your folder can be digital, by scanning all physical documents and saving digital files to your computer. There are also some very handy apps that you can use to manage your receipts.
Or, if you prefer paper records, print digital documents and throw everything in your physical file folder.
Step 2: Use this tax return checklist
So now that you have your folder system all organised, here is a handy list of all the things you will need to collect over the course of the financial year:
General
- Previous Year’s Tax Return / Notice of Assessment
- Previous Year’s Accountant’s Fees
- Spouse + Children details including DOB
- Private Health Insurance
- Medical receipts
- Details of purchase or sale of property, shares, business or other investments (Capital Gains Tax Statements)
- Receipts for donations made to DGR listed charities
- Income Protection premiums
- Personal pre-tax and post-tax contributions to superannuation
- Self-employed superannuation contribution details.
Income-Related
- Group Certificate from Employment / PAYG summaries
- Interest earned on bank, savings and term deposit accounts
- Rental Income received
- Superannuation income stream / pension statements
- Social security / Centrelink pension or allowance, family tax benefit payment summaries
- Trust / Partnership distribution statements
- Tax statements from share and managed fund investments
- Lump sum payment summaries (i.e. Eligible Termination Payment statements)
- Business or other income earned.
Expenses
- Work related expenses (i.e. uniform, tools, travel, meals, self-education costs, union + professional membership)
- Motor vehicle expenses (i.e. petrol and maintenance costs, log book or estimation of kilometres)
- Rental property expenses (i.e. interest expense, property agent fees, body corporate, rates, insurance, cleaning, maintenance + repairs)
- Investment expenses (i.e. financial advice fees, investment borrowing fees, bank fees).
You might also be interested in: 5 Accounting Software That Are Probably Perfect For Your Business
This is is not exhaustive of all the deductions available to individuals. There may be other items as well depending on your circumstances.
